Ola Electric CEO Bhavish Aggarwal pledges stake to fund rights issue
Ola Electric founder Bhavish Aggarwal has pledged 4.32% of his stake in the company to fund his full participation in a planned ₹1,000 crore rights issue. The move allows Aggarwal to invest alongside other shareholders as Ola Electric seeks to raise capital to pay down debt and boost expansion. No shares are being sold under the arrangement. The company aims to allocate ₹350 crore for debt repayment and ₹400 crore for business growth.
- Bhavish Aggarwal pledges 4.32% stake in Ola Electric
- Pledge funds participation in ₹1,000 crore rights issue
- Rs 350 crore earmarked for debt repayment
- Rs 400 crore will fund organic growth and R&D
- Aggarwal will not sell shares, investing on same terms as others
Sources covering this
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